The instant messaging service Telegram has proven to be a valuable driver in the cryptocurrency ecosystem, making crypto activities and payments using digital assets more easily and seamlessly available to both users and merchants.
A new report published by Binance Research shows how Telegram’s crypto bots have been on the rise in recent months, reaching record-high revenues and transaction volumes.
The messaging service has also recently introduced a new feature that allows merchants to accept cryptocurrency payments for goods and services within the app, pushing the trend of crypto payments further ahead.
Telegram’s crypto bots facilitate crypto activity
A new report by Binance Research shows that Telegram crypto bots have been on an upward trajectory in the market, with daily volumes of crypto trades hitting record highs over the last few months.
Exceeding $190 million in cumulative crypto trading volume as of early August, the Telegram bots have been gaining momentum. Telegram bots allow chatbot-enabled crypto trades, enabling easier access and exposure to cryptocurrency markets and services.
The service’s growth is also reflected in the number of daily users accessing Telegram’s crypto bots, with more than 6,000 daily unique users registered as a record high in July, according to the report.
Cryptocurrency-enabled Telegram bots offer seamless access to a variety of different types of crypto services, allowing users to complete chatbot-enabled tasks by sending messages within the Telegram messenger.
This facilitates various crypto activities such as trades and airdrop farming, making the market more easily accessible to more users.
While users have been able to use crypto-centric services on Telegram for over a year, these have been improved and built on to expand their capabilities and establish Telegram bots as a growing asset within the cryptocurrency ecosystem. The app also enables payments using digital assets.
Paying merchants through Telegram’s Wallet bot
Now, merchants have been granted access to in-app payments using cryptocurrency. Through WalletPay, a wallet built on The Open Network (TON) blockchain, merchants are now able to integrate cryptocurrency payments into the bots they are already using on Telegram.
This way, users can pay merchants for goods and services using their digital assets within Telegram’s chat service. This new service, which was introduced in July, allows seamless cryptocurrency transactions that can be as easily executed as sending a message in Telegram’s instant messenger.
Wallet offers chat-centric payment mechanisms such as in-chat payments, and through this new feature, it has started supporting payments using Tether (USDT), Bitcoin (BTC), and Toncoin (TON).
Digital assets making headway as a form of payment
Cryptocurrencies have continued to make their way towards the mainstream as accessing digital assets and using them as a way of payment for goods and services becomes easier in many ways.
Telegram’s incorporation of cryptocurrencies within their bots for merchants pushes this trend further forward. Additionally, many businesses across various sectors have seen an increase in cryptocurrency payments for goods and services of all kinds.
For instance, the introduction of cryptocurrency credit cards and the option to buy gift cards using digital assets allows users to seamlessly pay for all kinds of products with Bitcoin, etc.
PayPal introducing cryptocurrency payments within their network of merchants for their US customers has put easy access to digital assets into the hands of millions of users overnight, allowing them to buy and pay for all kinds of products and services using Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and the new PayPal stablecoin, PayPal USD (PYUSD).
Many businesses now support cryptocurrency payments directly. For instance, Alternative Airlines lets travelers book flights using their digital assets, while Microsoft lets users pay using cryptocurrency on the Microsoft Store.
Even providers of traditional games have started introducing this modern way to pay to offer players more flexibility, anonymity, and safety. Experts rate and review the best bitcoin casino platforms on Casino Bonus CA where players can use their digital assets to play.
Allowing users to pay with cryptocurrencies is becoming more widespread, pushing them further towards the mainstream. Telegram making digital assets more easily accessible boosts this trend even more.
Telegram bots have proven to be an increasingly important part of the cryptocurrency ecosystem as they facilitate crypto-related transactions, activities, and services for both users and merchants.
The new data published by Binance Research shows how Telegram bots have been gaining momentum in recent months.
With such crypto services available on the messaging app as well as more companies jumping on the crypto bandwagon, digital assets continue to become more easily accessible to the wider public.
